ELAN
ActiveSummary
ELAN has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €885,777 and a net result of €345,649. Equity is growing by ~55.7% per year across the filed fiscal years. Its solvency ranks better than 41% of 9336 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▲+26
Solvency47▲+10
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €60,000 at 30 days acceptable
Liquidity tight (current ratio 1.16 against 0.67 in 2024; short-term debt: 40.4% and cash: 0.1% of total assets), and 77.6% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
22.4%
Return on assets
8.7%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
1 d early
2023
on the day
2022
29 d late
2021
31 d late
2020
24 d late
2019
91 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 25 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 1 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Equity
€885,777▲ 64.0%
2024 · €540,128
Total assets
€4.0m▼ 14.9%
2024 · €4.7m
Net result
€345,649▲ 74.9%
2024 · €197,630
Working capital
€250,295
2024 · -€815,989
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€250,859▲ 17.7%€152,323▼ 39.3%€220,561▲ 44.8%€435,016▲ 97.2%€520,054▲ 19.5%
Net result€151,728above the sector's middle half▼ 10.1%€65,279above the sector's middle half▼ 57.0%€82,718above the sector's middle half▲ 26.7%€197,630above the sector's middle half▲ 139%€345,649above the sector's middle half▲ 74.9%
Equity€194,506within the sector's middle half▲ 355%€259,785within the sector's middle half▲ 33.6%€342,503above the sector's middle half▲ 31.8%€540,128within the sector's middle half▲ 57.7%€885,777within the sector's middle half▲ 64.0%
Total assets€3.7mabove the sector's middle half▼ 2.5%€3.7mabove the sector's middle half▲ 1.9%€4.4mabove the sector's middle half▲ 18.0%€4.7mwithin the sector's middle half▲ 5.3%€4.0mabove the sector's middle half▼ 14.9%
Debt€3.5m▼ 6.5%€3.5m▲ 0.1%€4.1m▲ 16.9%€4.1m▲ 0.9%€3.0m▼ 27.3%
Working capital-€1.1mbelow the sector's middle half▲ 8.3%-€1.3mbelow the sector's middle half▼ 26.9%-€1.1mbelow the sector's middle half▲ 18.6%-€815,989below the sector's middle half▲ 25.2%€250,295within the sector's middle half
Solvency5.3%below the sector's middle half▲ 4.1pp6.9%within the sector's middle half▲ 1.6pp7.7%within the sector's middle half▲ 0.8pp11.6%within the sector's middle half▲ 3.9pp22.4%within the sector's middle half▲ 10.8pp
Current ratio0.18below the sector's middle half▲ 0.020.06below the sector's middle half▼ 0.120.18below the sector's middle half▲ 0.120.67within the sector's middle half▲ 0.491.16within the sector's middle half▲ 0.49
Return on assets (ROA)4.1%within the sector's middle half▼ 0.4pp1.7%within the sector's middle half▼ 2.4pp1.9%within the sector's middle half▲ 0.1pp4.2%within the sector's middle half▲ 2.4pp8.7%above the sector's middle half▲ 4.5pp
Staff (FTE)0within the sector's middle half0within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2024 Net result +139% on 2023. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 20% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.0m
Fixed assets
€2.1m ▼ 30.5%
Current assets
€1.9m ▲ 14.3%
Equity and liabilities €4.0m
Equity
€885,777 ▲ 64.0%
Provisions
€85,917
Debt
€3.0m ▼ 27.3%
Debt's share of the balance-sheet total falls from 88.4% to 75.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€606,016▲
2024 · €544,273
Cash flow
€431,611▲
2024 · €306,887
Debt to equity
3.38▼
2024 · 7.62
ROE
39.0%▲
2024 · 36.6%
Interest coverage
6.37▲
2024 · 3.57
Debt ≤ 1 year
€1.6m▼
2024 · €2.4m
Debt > 1 year
€1.3m▼
2024 · €1.6m
Income taxes
€38,442▼
2024 · €90,924
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,605 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 97% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.0%
went bankrupt
2.0%
stopped otherwise
97%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,605 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €86,480 | €87,265 | €159,516 | €109,257 | €85,962 | ▼ 21.3% |
| Other operating charges640/8 | €44,657 | €54,585 | €58,095 | €52,577 | €44,890 | ▼ 14.6% |
| Gross operating margin9900 | €381,996 | €294,173 | €438,172 | €596,850 | €650,906 | ▲ 9.1% |
| Operating profit (loss)9901 | €250,859 | €152,323 | €220,561 | €435,016 | €520,054 | ▲ 19.5% |
| Financial income75/76B | €4,719 | €4,670 | €4,015 | €5,889 | €45,044 | ▲ 665% |
| Recurring financial income75 | €4,719 | €4,670 | €4,015 | €5,889 | €45,044 | ▲ 665% |
| Financial charges65/66B | €28,312 | €59,704 | €131,974 | €152,351 | €95,089 | ▼ 37.6% |
| Recurring financial charges65 | €28,312 | €59,704 | €131,974 | €152,351 | €95,089 | ▼ 37.6% |
| Profit (loss) for the period before taxes9903 | €227,266 | €97,289 | €92,602 | €288,554 | €470,009 | ▲ 62.9% |
| Transfer to deferred taxes680 | - | - | - | - | €85,917 | - |
| Income taxes67/77 | €75,538 | €32,009 | €9,884 | €90,924 | €38,442 | ▼ 57.7% |
| Profit (loss) for the period9904 | €151,728 | €65,279 | €82,718 | €197,630 | €345,649 | ▲ 74.9% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €257,752 | - |
| Profit (loss) for the period to be appropriated9905 | €151,728 | €65,279 | €82,718 | €197,630 | €87,898 | ▼ 55.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.7m | €3.7m | €4.4m | €4.7m | €4.0m | ▼ 14.9% |
| Fixed assets21/28 | €3.5m | €3.7m | €4.2m | €3.0m | €2.1m | ▼ 30.5% |
| Tangible fixed assets22/27 | €3.5m | €3.7m | €4.2m | €3.0m | €2.1m | ▼ 31.5% |
| Land and buildings22 | €3.5m | €3.4m | €3.3m | €2.9m | €2.0m | ▼ 31.4% |
| Furniture and vehicles24 | €414 | €2,389 | €143,227 | €109,898 | €73,437 | ▼ 33.2% |
| Assets under construction and advance payments27 | - | €292,167 | €747,052 | €0 | - | - |
| Financial fixed assets28 | - | - | - | - | €30,000 | - |
| Current assets29/58 | €225,049 | €84,779 | €233,900 | €1.6m | €1.9m | ▲ 14.3% |
| Amounts receivable within one year40/41 | €167,941 | €18,227 | €211,700 | €485,274 | €1.8m | ▲ 280% |
| Trade receivables40 | €5,520 | €11,218 | €46,652 | €64,159 | €105,021 | ▲ 63.7% |
| Other amounts receivable41 | €162,422 | €7,009 | €165,049 | €421,114 | €1.7m | ▲ 314% |
| Cash at bank and in hand54/58 | €53,333 | €62,757 | €19,772 | €1.1m | €4,842 | ▼ 99.6% |
| Deferred charges and accrued income490/1 | €3,775 | €3,795 | €2,427 | €205 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.7m | €3.7m | €4.4m | €4.7m | €4.0m | ▼ 14.9% |
| Equity10/15 | €194,506 | €259,785 | €342,503 | €540,128 | €885,777 | ▲ 64.0% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €174,506 | €239,785 | €322,503 | €520,128 | €865,777 | ▲ 66.5% |
| Non-distributable reserves130/1 | €303 | €303 | €0 | - | - | - |
| Reserves not available under the articles1311 | €303 | €303 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | €257,752 | - |
| Distributable reserves133 | €174,203 | €239,482 | €322,503 | €520,128 | €608,025 | ▲ 16.9% |
| Provisions and deferred taxes16 | - | - | - | - | €85,917 | - |
| Deferred taxes168 | - | - | - | - | €85,917 | - |
| Amounts payable17/49 | €3.5m | €3.5m | €4.1m | €4.1m | €3.0m | ▼ 27.3% |
| Amounts payable after more than one year17 | €2.2m | €2.0m | €2.7m | €1.6m | €1.3m | ▼ 19.1% |
| Financial debts170/4 | €2.2m | €2.0m | €2.7m | €1.6m | €1.3m | ▼ 18.7% |
| Other amounts payable178/9 | - | - | €9,450 | €9,300 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €1.3m | €1.4m | €1.3m | €2.4m | €1.6m | ▼ 34.3% |
| Current portion of amounts payable after more than one year42 | €176,877 | €169,511 | €198,244 | €161,568 | €130,431 | ▼ 19.3% |
| Trade debts44 | €23,940 | €13,987 | €49,297 | €1.3m | €718,027 | ▼ 46.4% |
| Suppliers440/4 | €6,395 | €13,987 | €49,297 | €1.3m | €718,027 | ▼ 46.4% |
| Bills of exchange payable441 | €17,545 | - | - | - | - | - |
| Advances received on contracts in progress46 | - | €17,545 | €0 | - | - | - |
| Taxes, remuneration and social security45 | €95,029 | €112,168 | €47,993 | €79,807 | €89,367 | ▲ 12.0% |
| Taxes450/3 | €95,029 | €112,168 | €47,993 | €79,807 | €89,367 | ▲ 12.0% |
| Other amounts payable47/48 | €984,168 | €1.1m | €1.0m | €854,775 | €663,081 | ▼ 22.4% |
| Accrued charges and deferred income492/3 | - | €29,270 | €55,649 | €77,821 | €94,025 | ▲ 20.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €151,728 | €65,279 | €82,718 | €197,630 | €345,649 | ▲ 74.9% |
| + Depreciation and write-downs630 | €86,480 | €87,265 | €159,516 | €109,257 | €85,962 | ▼ 21.3% |
| Operating cash flow (approximation) | €238,208 | €152,544 | €242,234 | €306,887 | €431,611 | ▲ 40.6% |
| Investment in fixed assets (approximation) | - | -€296,078 | -€684,184 | €1.0m | €839,356 | ▼ 19.6% |
| Change in cash | - | €9,424 | -€42,985 | €1.1m | -€1.1m | ▼ 201% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €345,649 ▲74.9%
Operating result €520,054, net result €345,649, both a record.
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Equity above €500,000Eq €540,128 ▲57.7%
6 profitable years in a row build equity to €540,128.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
31-12
Financial
Equity above €200,000Eq €259,785 ▲33.6%
4 profitable years in a row build equity to €259,785.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Equity above €150,000Eq €194,506 ▲355%
3 profitable years in a row build equity to €194,506.
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 24 days late
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 91 days late
2019
31-12
Financial
Back to profitnet €41,290
Net result €41,290 after one loss-making year.
Show earlier events
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 30 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Merchtem · 1 establishment unit since 2010
Ground area
1,918 m²
Building footprint
302 m²
Volume, LiDAR
261 m³
Parcel 23012C0012/00F000, Flanders · tallest building 7.3 m. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Elan
since 20102.194.599.165
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23012C0012/00F000 | Flanders | 1,918 m² | 1 · 302 m² | 7.3 m |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
60%
According to the 2025 annual accounts of ELAN and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Similar companies · same sector, comparable size
DCA WOONPROJECTEN
BE 0778.742.625
Olen · Eq €885,165
Lighthouse Corner Development
BE 0670.685.813
Nieuwpoort · Eq €884,980
IMMO V.D.O.
BE 0880.073.971
Verviers · Eq €887,582
MONDIAL STONE
BE 0895.067.104
Somme-Leuze · Eq €883,050
Bauhaus Projects
BE 0721.714.543
Veurne · Eq €880,916
Of 9,699 companies in sector 68121 we hold annual accounts for 7,394. 4,087 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded06-12-2010
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0831644049
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.